Hohhot's foreign trade surges past 10b yuan in Jan-May

The value of foreign trade conducted by Hohhot, North China's Inner Mongolia autonomous region, hit 10.05 billion yuan ($1.39 billion) in the first five months of the year, a 31.1-percent year-on-year increase, according to Saihan customs.

Imports totaled 5.4 billion yuan, up 39.5 percent, while exports reached 4.65 billion yuan, up 22.5 percent.

In May alone, the total value of trade surged to 2.74 billion yuan, a 93-percent increase on last year. Imports in May skyrocketed by 202.8 percent to 1.7 billion yuan, while exports jumped by 21.2 percent to 1.04 billion yuan.

Private enterprises led the way, with a total trade value of 7.38 billion yuan – a 56.3-percent increase – contributing 73.4 percent to the city's total trade.

Refined oil was the main import, valued at 2.87 billion yuan, making up 53.2 percent of total imports. Mechanical and electrical products, along with pharmaceuticals, dominated exports with a combined value of 1.75 billion yuan, accounting for 37.6 percent of exports.

Malaysia was Hohhot's biggest trading partner, with a trade value of 2.91 billion yuan, representing 29 percent of the total. Trade with Belt and Road Initiative countries reached 6.85 billion yuan, a 74-percent increase.

Moving forwards, Saihan customs plans to support foreign trade enterprises by simplifying customs procedures through online platforms.